Genting Bhd topped the list of Malaysian Business ‘Highest Paid Directors’ survey for 2009, with a payout of RM92.11 million.
In a statement here Tuesday, Malaysian Business said Genting also had the highest remuneration band of RM87.6 million-RM87.65 million for a single director.
It said the company, however, did not name the director.
The top executive listed is its executive chairman and chief executive officer, Tan Sri Lim Kok Thay, it said.
The magazine said the other company with the highest remuneration band for a single director was Genting’s unit, Genting Malaysia Bhd, which paid out RM37.25 million and above to its top executive.
“These payouts, however, might have been paid to the same person taking into account the possibility of double counting,” it said.
It said in third place was IOI Corp Bhd, which paid out a remuneration band of RM25 million-RM30 million to its highest-ranking director.
“This is less than the RM41.10 million-RM41.150 million it paid out in 2008. We assume the recipient was IOI Corp director/founder, Tan Sri Lee Shin Cheng,” it said.
The survey revealed that the top ten companies in terms of total payouts forked out nearly RM300 million last year.
“Out of the more than 600 companies surveyed, close to 240 directors drew more than RM1 million in remuneration last year despite the cautious economic environment,” it said.
The Malaysian Business survey lists a total of 628 companies with a remuneration band of above RM300,000 as stated in the companys’ annual reports.
Of these, only about seven per cent of the companies were transparent in stating the exact remuneration of their top executive, it said.
“Interestingly, several companies with huge losses still reward their directors with huge payouts,” it said.